On average, over the last 50 years or so world trade has
a) increased faster than world output
b) been primarily concentrated in agriculture
c) been dominated by Middle East oil exports
d) declined as nations closed their borders to imports
e) been conducted almost exclusively over the internet
a) increased faster than world output
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
Use the following graph to answer the next question.
The relationship between the average tax rate and the tax base in a proportional tax would be represented by
A. curve A. B. curve B. C. curve C. D. none of the curves.
By 2015, how many European countries were members of the European Union?
A) 12 B) 17 C) 28 D) 57
The widespread fall in the prices of homes caused consumers to:
A. decrease their spending, as they struggled to pay back debt. B. increase their spending, as they devoted their money to things other than homes. C. decrease their spending, and increase their debts. D. increase their spending, as saving was viewed as a bad investment.